PayFast, a Premier Systems group firm with a PSP commercial license from the State Bank of Pakistan for e-payment gateway services, has partnered with Qatar-based TWYLA Technology, which is owned by the Qatar Royal Family’s honored H.E Sheikh Hamad Bin Suhaim Al Thani.
PayFast and TWYLA Technology are collaborating to launch PAY2M, a fintech company that will provide a suite of sophisticated digital payment services, allowing companies in the MENA area to effortlessly integrate and accept online and in-store digital payments.
These include an e-commerce payment gateway that is dynamic, an e-wallet, and e-invoice/billing systems.
Furthermore, the firm is willing to assist soft POS via its cooperation with one of the world’s most known payment schemes. In order to increase creative digital payment acceptance for a variety of organizations, particularly SMEs.
PAY2M will begin operations in Qatar, which has a $4 billion e-commerce sector. Before expanding into the lucrative MENA region, which has a $278 billion digital transaction volume. To that end, PAY2M intends to subsequently expand into the Kingdom of Saudi Arabia and Egypt.
The partnership demonstrates PayFast’s market understanding, experience, and technological skills. It is a significant milestone in the start-regional up’s expansion through PAY2M. Which recently obtained a state grant from its government for successfully completing the Qatar Development Bank (QDB) accelerator program.
PAY2M has also obtained an in-principle license from Qatar Central Bank and completed the MVP for Payment Gateway Solutions. As it nears commercialization, it is currently undergoing full sandboxing.